Case Study Salesperson Ahmed of ABC XYZ Real Estate Ltd. The offer of $460,000 is irrevocable until 6 p.m. on April 2nd Realty Inc, is preparing an offer for his buyer clients on a property listed with The names of the buyers are Angela Chow and her spouse, Peter Chow. These buyers are planning to use the property as their principal residence. Angela Chow is out of town on business so only Peters name is 1st. entered on the OREA Agreement of Purchase and Sale as buyer and Peter signs the offer at 9 a.m. on April There is a $375,000 mortgage on the property held by the Canadian National Bank, but the buyers do not want to assume it. The seller is going to pay out the mortgage from the proceeds of the sale and there are sufficient funds to do so. However, the actual registration of the discharge of the mortgage will not take place until a few weeks after the transaction closes. The offer was presented to the seller at 1 p.m. on April 1st and it was accepted Based on the information in this scenario, answer the following two questions 39 When Peter and Angela apply to a lender for a new first mortgage, the lender is concerned that only Peter's name is on the agreement of purchase and sale. The lender would like both of their names to be registered on title when the sale closes, as well has having both names on the mortgage document. Can this be done and why? a Yes, but the seller must agree to amend the agreement of purchase and sale prior to the mortgage being b No, only the name(s) shown on the agreement of purchase and sale can be registered on title, but both c No, the mortgage can only be in the same name(s) as the title, so the agreement of pur approved by the lender for both Peter and Angela's name to appear on both the title and mortgage. names can be on the mortgage since both Peter and Angela are meeting with the lender. would have to be cancelled and a new one signed as well as both names on the mortgage with both Peter and Angela's names shown as buyers. n be given direction to have both names shown on the deed/transfer and registered on title gage will be discharged using the proceeds of the sale, but indicates the actual age discharge will not be completed until after the sale closes. Peter and Angela are registration of the mortg ncerned their lender will not provide the mortgage funds when there is already an existing mortgage. Will the seller's mortgage prevent the transaction from closing and why? No, the Canadian N lender that the bank will register the discharge within a reasonable time after the sale closes No, the seller's lawyer will provide an undertaking to ensure the funds required to discharge the sellers h are withheld on closing and will register the discharge within a reasonable time after closing. Yes. Peter and Angela will have to provide an undertaking to their lender which promises the lender that the seller's mortgage will be discharged after the sale closes and before their first mortgage payment is due Yes, this is a problem because Peter and Angela's lender will only provide the mortgage funds if they are the only mortgage registered on title to avoid over financing the property